Factors of innovative development of the economy

The article reveals the factors of innovative economic development. Investment in research and development (R&D) is a major factor of innovation development, and developed countries have been increasing funding for the research and innovation. The paper discusses the indicators that characterize the investment into research and development, such as R&D expenditure, gross domestic expenditure on R&D (GERD), and R&D expenditure per capita. In the context of innovative development, the role of knowledge is increasing, and its market value for both firms and national economies is growing. The intellectual property plays the role of a strategic asset, so the problem of the use of intellectual property is regulated by both regional and multilateral agreements. In today’s world, international cooperation in science, technology and innovation is constantly expanding. In the face of global competition and resource dispersal, large-scale innovation projects and their advancement are possible within international research and production chains. The development of innovative infrastructure ensures the continuous functioning of the innovation cycle for the development of knowledge-intensive business.